The total volume of secured lending hit £80m during November, a £9m increase on October, according to the latest Secured Loan Index by Secured Loan Broker and Loans Warehouse.
The index also revealed there had been 2,042 completions during November, which was a 12% rise from October’s figure.
Loans Warehouse confirmed the average completion time for a loan was 13 days, which was two days slower than in October. The average term for a loan was 14 years.
The monthly Secured Loan Index takes information from several second charge lenders in the UK, including Optimum Credit, Oplo, United Trust Bank, Masthaven, Norton Home Loans, Equifinance, Evolution Money, and Clearly Loans.
Loans Warehouse managing director, Matt Tristram, said: “In September, Loans Warehouse publicly predicted that Secured Lending figures would double again in Q4 of 2020. The results of November’s Secured Loan Index confirmed this bold prediction was right as lending reached £81m.
“The secured loan industry confident stated at the start of lockdown two that it was business as usual and that is exactly what the results show, with continual improvements to both product rangers and service reported throughout November.
“West One has announced reduction in rates specifically for self-employed borrowers with a minimum of two years trading, whilst United Trust Bank announced an increase in LTV to 80%.
“We’re now predicting that Q1 of 2021 will see lending volume return to pre-pandemic levels, with rumours that several lenders have new product ranges and significant pricing decreases planned for the start of 2021.”
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